FDIC’s Gruenberg says he’ll step down once successor confirmed

FDIC Chairman Martin Gruenberg said he is prepared to step down from his responsibilities at the agency once a successor is confirmed.

Gruenberg Statement: Gruenberg said he will continue to fulfill his responsibilities as chairman, including the transformation of the FDIC’s workplace culture, until a successor is confirmed. He said he has faithfully carried out the FDIC’s mission since he joined the board in August 2005.

Recent Hearings: Gruenberg testified twice last week before Congress at regulatory oversight hearings that largely focused on reports of misconduct at the FDIC. Following media reports, an independent review overseen by a special committee of the FDIC board found the agency failed to provide a workplace safe from misconduct and that management’s responses have been insufficient.

Congressional Response: House Financial Services Committee Chairman Patrick McHenry (R-N.C.) and other Republican lawmakers have called on Gruenberg to resign in the wake of the reports. Senate Banking Committee Chairman Sherrod Brown (D-Ohio) on Monday called on President Joe Biden to immediately nominate a new chairman and for the Senate to act on that nomination without delay.